Do you consider yourself a “pet parent?” Many Americans have an affinity for their pets as if they were human family members.
And some pet parents love their pets so much that they will even make the arrangement legal.
Did you know that there are laws that will let you put a beloved pet in a will or trust in over 46 states?
We always think of wills and trusts in terms of serving human beings, but you can construct legal wills and trusts to accommodate any legal wishes.
What will happen to your pet after your death? You should think about it now – there will be no one to interpret your wishes according to your pet after you die.
Do you want to take care of your pet after you die? Here are four legal strategies to think about.
Designated Caregiver
You can use a will or a trust to designate an official caregiver who will adopt your pet after your passing.
Additionally, you don’t even need to involve using will or trust in this situation – you can just ask someone to do it.
An official caregiver could be anyone in your life that you trust – a family member, friend, or work colleague.
Just make sure that the person you want to designate as a caregiver actually likes pets. The person you trust may not like pets, and you don’t want your pet to encounter an unknown fate after your passing.
If you do this through a will or trust, consider bequeathing a financial gift to the designated caregiver to help cover the initial costs of adopting your pet.
A Legal Will
Legal wills are documents that state the final wishes of a person to be executed after their passing.
You can designate someone to be the caretaker of your will. A will caretaker is someone who is trusted to execute and coordinate your posthumous wishes.
You could put it in writing that you task the will caretaker with finding a suitable home for your pet after your passing. And you must make your posthumous wishes as clear to understand and follow as possible.
Still, there are a few drawbacks to naming your pet in a will. Wills are basically a legal form of the honor system. You are effectively giving your will caretaker access to your estate, finances, and the powers to execute your posthumous wishes.
Unfortunately, after your death, the will caretaker can basically do what they want in terms of your will.
And if your will is contested by family members, friends, or strangers, your estate could be tied up in probate court for years. And the need to care for your pet expressed in your will could go unaddressed for years in such circumstances.
A Pet Trust
In a trust, you are the trustor. And as the trustor, you give a trustee, a person or legal entity, with the legal rights to initiate the wishes you state as trustor.
And unlike a will, trustees are legally contracted to be financially obligated to execute the trustor’s wishes as exactingly as possible.
So, if you set up a dog trust, you can trust your pet will be taken care of after your passing.
Legacy Arrangements
If case you can’t get a designated caretaker, you can try contacting a local animal rights group. You can then inquire if they have programs to help you find a caretaker for your pet after your death.
Some animal rights groups, shelters, and organizations may be able to source a new owner or non-kill shelter to place your pet.
Be prepared to pay or offer a donation for some of these services.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.